Важная финансовая информация о стране Banking in Portugal

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Banking in Portugal and Madeira

If you intend to live or invest in Portugal permanently or for an extended period, an exciting option to facilitate many procedures is to open a Madeira bank account.

Combining all these charms is enough to make anyone feel willing to open a bank account on the Portuguese island. Still, for the most demanding, here we tell you straight out the main advantages of entering the banking ecosystem in Madeira.

Security: the Portuguese banking system gives you the guarantee of operating in a credible center, supported by the European Union member states. Madeira is not considered a tax haven and therefore is not registered on international blacklists and banks are generally liquid.

Good Taxation: As an integral part of Portugal, Madeira benefits from a vast network of double taxation agreements signed by the Portuguese country.

This island also hosts the Madeira International Business Center, where entities operate that benefit from one of the most advantageous tax regimes in the European Union, with a 5% profit tax guaranteed until 2027.

The government promotes free economic activity: in recent years, Portugal has adopted laws to reduce its bureaucracy and simplify processes in various areas: legal, statistical, fiscal, and permitting, among others.

First-class infrastructure: as a result of the significant investments made in recent years, Madeira has modern and efficient infrastructures that have supported its development in terms of urban planning, transport, and telecommunications. This guarantees that the banking system's functioning is uninterrupted and reaches the levels of the most luxurious jurisdictions in the world.

Diversified banking services: Madeira enjoys the same banking network as Portugal, one of the world's most advanced. In Madeira, banks offer individuals and companies the full range of commercial services: insurance, mortgages, loans, savings and investment instruments, safety deposit boxes, multi-currency accounts, and more.

Besides, the Portuguese banking system is widely known for having one of the best-established ATM networks in the entire European Union.

Convenience: opening a bank account in Madeira is quite simple for residents and non-residents alike. It does not matter if you are an individual or a business entity. The processes are generally quite simple. But in addition to this, more and more banks in Madeira are allowing you to go through the whole account opening process remotely.

Investing in Madeira

Madeira is a Portuguese island whose cultural and commercial autonomy makes it the perfect place for you to conduct your banking operations. Fortunately, it is a quick and straightforward process. Since banks operating in this beautiful island territory have policies that facilitate the procedures for non-residents.

Plus, Madeira is an underrated financial center. Its free zone makes it a must for any investors wishing to penetrate the European market in a tax optimized way.

Business and banking life in Madeira is delightful. The island enjoys conditions that put it well above other international financial centers. Starting with its privileged geographical location, mild climate, and high quality of life, we can also point out the political and social stability, substantially reduced direct and indirect taxes, and participation in the Eurozone.

Madeira has a modern telecommunications network and high-quality infrastructure and support services with competitive operating costs. All this represents an excellent opportunity to open personal and commercial bank accounts that will allow you to make your way through the entire Schengen area.

Rock-steady financial system

Portugal had the opportunity to reinvent itself after being battered by the European debt crisis almost a decade ago, and you will be pleased to know that it was an opportunity they took like no other European country.

The Portuguese recovery today is a case study because Portugal is witnessing increased competition and further restructuring the financial sector after the reforms were implemented in the past. In the recent past, the banking system, the insurance sector, and the capital markets have undergone substantial legal framework and liberalizations.

The banking sector is regulated by the Banco de Portugal, part of the European System of Central Banks (ESCB). Among the entities operating in the sector, we find commercial banks with Portuguese capital (Banco Espirito Santo) and many others with foreign capital.

After the economic aid received from the IMF and the EU, the Portuguese financial system will continue to be under guardianship, so financial stability is a matter of extreme care for any Portuguese government.

Even though 2020 has been a catastrophic year for many economies globally, Portugal continues to maintain a stable economic rhythm that practically boosts the image of Madeira as an ideal place for your banking activity.

After going through the worst of the coronavirus pandemic, the Portuguese economy and financial system recorded that the Portuguese banking sector's total assets increased by 4.6%.

The liquidity coverage ratio stood at 256.6%, up 30 points from the previous quarter. This is particularly notable in an economy that is often underestimated on the European scene.

This ultimately means that Portugal is emerging from the coronavirus crisis with a strong banking sector and an economy that shows no insolvency signs.

When you combine the national economic and banking landscape with the particular advantages that Madeira offers, it isn't easy to think of another more favorable place to start banking in Europe.

"Multibanco," the banking system that puts Portugal above its European neighbors

Multibanco is the network that connects the banking entities that operate in Portugal since it was founded in 1985 by SIBS (Sociedade Interbancária de Serviços S.A.). This means that Portuguese banks' customers can withdraw money from any of the over 11,000 ATMs in the country without commissions.

On Portuguese land, especially in Madeira, nothing is understood without Multibanco. It is a system so complete and efficient that, surprisingly, the Portuguese get their heart out of it when they discover how neighboring countries work.

This system is the cause of Portugal's enormous progress in card payment and banking development. No one leaves home without the Mulitbanco card (whatever the bank is, of course), and no one stops using it for the vast majority of purchases. So it is not surprising that in a country of just over ten million inhabitants, 1.8 billion transactions are made with Multibanco every year.

And no matter if you open a bank account as a non-resident in Madeira, be assured that you will be able to use the advantages of the Multibanco system as soon as you have your card in hand.

What you need to open a bank account in Portugal

Approximately 153 banks are operating in Portugal, and most of them have a presence in Madeira.

Online banking is offered as a standard service between these and all other banks operating in Madeira, so you don't have to worry when you are making your choice of which bank to use on the island of Madeira.

The requirements for opening a bank account in Madeira vary depending on the bank you end up choosing for yourself or your company. But in general, you can expect your bank to apply for the following:

Proof of identity (e.g., passport).
Proof of address (e.g., utility bill)
Payment receipt or proof of employment.
Tax identification number.

The banks have the authority to request additional information if they feel it is necessary. It is more common for them to do so when it comes to opening accounts for companies. They will usually ask you to attach your company's certificate of incorporation and details of the owners and directors.

Not all banks require a minimum deposit to open an account with them, but it's worth checking with your advisors before starting the process.

Perhaps best of all is the time it takes to open a bank account in Madeira. After submitting all the documentation required by your chosen bank, the account opening process takes about 30 minutes. The account is ready to trade within a couple of days after that.

And, of course, we can help you to do this remotely.

Our services in Madeira: company registration plus bank account opening

At Mundo and NTL, we are working with the most respected experts in Madeira's corporate and banking services to offer our distinguished readers the full range of commercial services to start a Portuguese island business operation.

Our offer is the easiest way to enter the European Union's financial system and locate your business and banking operations in one of Europe's most advantageous economic areas.

Our package consists of the registration of a Portuguese commercial entity that fits your needs and the subsequent opening of a bank account that allows you to dispose of your money in the way that best suits you within one of the best jurisdictions in Europe, all for a promotional price.

If you want to know the details about our main offer on Madeira's island, do not hesitate to contact us to meet our Portuguese experts who will accompany you throughout the process!

Who we are and what we can do for you?

25 years ago, our partners, NTL, started helping wealthy families and investors find places where they could live free lives away from authoritarian governments' persecutions that threaten individual and economic freedoms. Throughout our journey, we have been privileged to have the support and partnership of NTL, which has helped us consolidate the best offer of financial services for individuals and businesses around the world.

All the work we have done for over 25 years has crystallized into the most respected network of financial services experts imaginable, a network of experts that we are happy to bring to our readers to let them know that life in freedom is possible.

Our experts in Madeira can help you start your banking activities on the Portuguese treasure island in a short time and at prices that are very difficult to find elsewhere.

If you are already convinced that Madeira is the ideal place for you, don't wait any longer and contact our experts at once to start opening your bank account by clicking here!